XRP Whales Withdraw 70 Million XRP Tokens from Binance and Upbit as XRP's Open Interest Soars by 51%

As the legal battle between Ripple and the Security Exchange Commission (SEC) concludes after four years, whales' focus has now shifted to Ripple's native token XRP.

Whale Alert, a blockchain transaction tracker, has reported that over 113 million XRP tokens, valued at approximately $70 million, were withdrawn from Binance and Upbit in the past 24 hours. These large transactions, typically carried out by entities known as "whales," have been a subject of interest among traders and investors.

Meanwhile, XRP's open interest has seen a substantial increase of 51%, indicating a heightened level of interest from traders and investors in the cryptocurrency's price movements. This surge in open interest could potentially amplify the impact of any upcoming price moves.

As the legal battle between Ripple and the SEC nears its conclusion after four years, the focus of whales has shifted to Ripple's native token, XRP. These whales are closely monitoring the potential implications of the lawsuit's outcome on the cryptocurrency.

70 million XRP tokens withdrawn from exchanges

According to Whale Alert, over 113 million XRP tokens, valued at approximately $70 million, were withdrawn from centralized exchanges (CEXs) in the past 24 hours. These transactions were flagged by the blockchain tracker as follows:

- 50 million XRP tokens, valued at about $30 million, were moved from Binance to an unknown wallet.

- 30 million XRP tokens, valued at about $18 million, were shifted from Upbit to Binance.

- 20 million XRP tokens, valued at about $12 million, were moved from Binance to another unknown wallet.

- 13 million XRP tokens, valued at about $8 million, were shifted from Upbit to an unknown wallet.

These large transactions, typically carried out by entities known as "whales," have been a subject of interest among traders and investors, as they could indicate accumulation or distribution patterns in the market.

Ripple's victory might be the potential reason behind this massive token withdrawal and has caused a significant price surge in XRP.

XRP's open interest

At press time, XRP is trading near $0.614 and has experienced a price surge of 23% in the past 24 hours. This strong performance is also evident in its trading volume, which has skyrocketed by 310% during the same period, indicating massive participation.

Furthermore, XRP's open interest (OI) has soared by 51%, signaling immense interest from traders and investors in the cryptocurrency's price movements. This OI represents the total number of outstanding derivative contracts, and a substantial OI can amplify the impact of any upcoming price moves.

XRP price prediction and key levels

Expert technical analysis reveals that XRP is bullish as it is moving above the 200 Exponential Moving Average (EMA) on both daily and 4-hour time frames. This technical indicator is used to assess an asset's trend, and a price of assets above the 200 EMA, signals that assets are in an uptrend.

XRP is also at a crucial resistance level near $0.625 and has been consolidating in a tight range for the last 12 hours. If sentiment remains unchanged and XRP gives a breakout of this above resistance level, there is a high chance it could soar to the $0.75 level in the coming days.

XRP's major liquidation levels

As of now, XRP's major liquidation levels are at near $0.593 on the lower side and $0.643 on the upper side, as per CoinGlass.

If the sentiment remains unchanged and the XRP price rises to the $0.643 level, nearly $32.30 million of short position will be liquidated.

Conversely, if sentiment changes and XRP falls to the $0.593 level, nearly $17.72 million of long positions will be liquidated.

Here’s why the crypto market is increasing

This breakout might be possible, as the overall sentiment looks bullish. Following the opening of the U.S. stock market crypto market turned bullish.

Top assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have experienced a price surge of over 6%, 4.5%, and 9%, respectively in the past 24 hours.

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